Professional Documents
Culture Documents
December 2016
I.
Introduction
This study presents a comprehensive analysis of the contribution made by Latino Americans1 to
the US economy, based on data from a wide variety of government and private sources. The
findings are striking: To an extent few appreciate, the US Latino population is growing, young,
increasingly educated, employed, connected, entrepreneurial, and upwardly mobile in terms of
income as well as consumption.
Consider the following:
While much of the developed world is facing stagnant population growth and an increasingly
elderly age distribution, growth in the Latino population is keeping America both young and
growing. Between 1990 and 2015, the Latino population grew from 22 million to 57 million,
roughly five times as fast as the population overall. To illustrate this rapid growth, consider
that if the Latino population had grown at the same rate as the rest of the US, there would be
30 million fewer Americans today.
At 28 years old, the median Latino is nine years younger than the population at large and 15
years younger than the median white. Millenials make up 26 percent of the Hispanic
population, compared to 22 percent for the US population. Economic research suggests that
the youthful demographic profile of the Latino population enhances productivity and
increases growth in per capita incomes.
Latinos are responsible for 29 percent of the growth in real income since 2005. They account
for roughly 10 cents of every dollar of US national income, and that proportion is rising both
due to growth in the Latino population and rising per capita earnings.
Latinos play a critical role in the labor force, both as employees and, especially, as job
creators and entrepreneurs. They are more likely to participate in the labor force (65.9
percent vs. 62.7 percent) and to be employed (61.6 percent vs. 59.3 percent) than the overall
US population. While Latinos account for 17 percent of all workers, they account for 21
percent of new entrepreneurs. Latinos accounted for nearly half46 percentof the growth
in employment from 2011 to 2015.
Throughout this report, the words Hispanic and Latino are used interchangeably to refer to ethnic Latinos
in the United States. Further, for simplicity of exposition, the report refers to Hispanics, whites, and other groups as
ethnic groups (as opposed to racial or racial-ethnic groups). For statistical purposes, the U.S. Office of
Management and Budget (OMB) defines Hispanic or Latino as a person of Cuban, Mexican, Puerto Rican, South
or Central American, or other Spanish culture or origin, regardless of race. The term, Spanish origin, can be used
in addition to Hispanic or Latino. See Standard for Maintaining, Collecting, and Presenting Federal Data on Race
and Ethncity, Office of Management and Budget (October 30, 1997) (available at
https://www.whitehouse.gov/sites/default/files/omb/assets/information_and_regulatory_affairs/re_app-a-update.pdf).
See also Revisions to the Standards for the Classification of Federal Data on Race and Ethnicity, Office of
Management and Budget (October 30, 1997) (available at https://www.whitehouse.gov/omb/fedreg_1997standards).
The Hispanic poverty rate is falling more rapidly than for the rest of the population:
Hispanic poverty fell by 2.2 points from 2014 to 2015 (from 23.6 percent to 21.4 percent in
2015) while the national average rate fell by 1.3 pointsand Hispanics are the only major
ethnic group with a lower poverty rate today than in 2007.
As consumers, Latinos wield more than $1.3 trillion in buying power, and the number of
affluent Hispanic households is growing much faster than for the overall population: In 2015,
there were approximately 370,000 US Latino households with incomes over $200,000, an
increase of 187 percent since 2005.
The Latino population is also becoming more geographically dispersed across the US. The
final section of this study presents data on the 25 Metropolitan Statistical Areas (MSAs) with
the largest Latino economies, as measured by aggregate personal income. These communities
are located in every region of the US, from Atlanta to Denver, Chicago to Miami, Los
Angeles to Washington, DC, and together account for more than 36 million Latinos with
combined incomes of over $650 billion. Over the last decade, Latinos accounted for 22
percent of the growth in personal income in these MSAs.
The remainder of this study is organized as follows. Section II focuses on Latino demographics,
including the growth and age distribution of the Latino population and characteristics, such as
educational achievement and Internet connectivity. Section III presents data on the role of
Latinos as workers and entreprenuers. Section IV presents data on Latino income and purchasing
power. Section V focuses on the top 25 power MSAs. Section VI provides a brief summary of
the findings.
II.
Latinos represent the fastest growing ethnic group in the US, accounting for 53 percent of US
population growth since 2000. Indeed, if the Latino population had grown at the same rate as the
rest of the US population from 1990 to 2015, there would be 30 million fewer Americans today,
meaning millions fewer workers, consumers, and taxpayers. Importantly, Hispanics are much
younger than other Americans, with a median age of 28 years old compared to 37 years old for
all others. While Hispanics have traditionally lagged behind other groups in educational
attainment, they are catching up rapidly. It bodes well that the Latino population is in many
respects more connected to the Internet and electronic media than most other non-Hispanic
Americans.2
This section focuses on population growth and demographic characteristics. In the abstract, population growth
can have both positive and negative effects, but the data presented below demonstrate that Latinos are contributing
disproportionately to U.S. economic prosperity as well as to demographic vitality.
Population (MM)
300
250
200
281
227
15
32
35
249
22
38
50
321
57
51
61
67
150
100
181
188
196
197
198
1980
1990
2000
2010
2015
50
White Non-Hispanic
Other Non-Hispanic
Hispanic
Source: US Census Bureau 1980, 1990, 2000, and 2010 Census; US Census Bureau Population Estimates Program.
Note: [1] The White Non-Hispanic category is for persons that identify their race as White alone. Persons that
identify as more than one race are included in the Other Non-Hispanic category. This is true for all other figures
unless otherwise noted. [2] Component parts of the population may not sum to the total because of rounding.
Here and throughout, the data includes all residents of the 50 U.S. states (not including Puerto Rico, the Virgin
Islands, and other territories) irrespective of immigration status. The Pew Foundation reports that the the number of
undocumented immigrants from Central and South America (including Mexico) declined by five percent between
2009 and 2014, from 8.7 million to 8.2 million, falling from 2.8 percent to 2.6 percent of the resident population.
See Jeffrey S. Passel and DVera Cohn, Overall Number of U.S. Unauthorized Immigrants Holds Steady Since 2009,
PEW Research Center (September 20, 2016) (available at http://www.pewhispanic.org/2016/09/20/overall-numberof-u-s-unauthorized-immigrants-holds-steady-since-2009/); see also U.S. Census Bureau Population Estimates
Program.
As shown in Figure 2, Latinos will make up an even larger share of the population in the years
ahead: Americas 70 million Latinos will make up 20 percent of the population in 2025; by 2050
the Latino population will exceed 105 million, representing more than a quarter of all Americans.
FIGURE 2:
US POPULATION BY ETHNIC GROUP
(2015 ACTUAL, 2020-2060 FORECAST)
450
400
Population (MM)
350
300
250
200
335
321
347
359
407
417
370
380
389
398
99
106
112
119
77
85
57
64
70
92
67
72
77
83
88
93
99
104
110
116
198
199
200
199
198
195
192
188
185
182
2015
2020
2025
2030
2035
2040
2045
2050
2055
2060
150
100
50
0
White Non-Hispanic
Other Non-Hispanic
Hispanic
As shown in Figure 3, Hispanics accounted for more than half (53.2 percent) of the total change
in the US population between 2000 and 2015. According to the Census Bureau, 90 percent of
Latino population growth resulted from native births and deaths, and only 10 percent from
immigration.4
FIGURE 3:
SHARE OF POPULATION GROWTH BY RACIAL/ETHINIC GROUP (2000-2015)
60
53.2
50
40.8
(%)
40
30
20
10
0
6.0
Hispanic
Other Non-Hispanic
White Non-Hispanic
Source: US Census Bureau 2000 Census; US Census Bureau Population Estimates Program.
An increase in the Latino population growth has been and will continue to be essential to keeping
Americas population, and its economy, growingin contrast to other western countries, where
populations are shrinking. For example, the United Nations forecasts that Europes population
will decline from 738 million in 2015 to 707 million in 2050;5 populations in many developed
countries, including Bulgaria, Germany, Portugal, and Japan, are already declining.6
See Components of Resident Population Change by Race and Hispanic origin for the United States: April 1,
2010 to July 1, 2015, U.S. Census Bureau (available at
http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=PEP_2015_PEPCCOMPN&prodT
ype=table ).
5
See World Population Prospects, the 2015 Revision, United Nations (available at
https://esa.un.org/unpd/wpp/).
6
See World Population Prospects, Key Findings & Advanced Tables, 2015 Revision, United Nations (2015)
(available at https://esa.un.org/unpd/wpp/Publications/Files/Key_Findings_WPP_2015.pdf)
One way to think about the Latino contribution to US population growth is shown in Figure 4.
The top line shows the actual growth in the US population between 1990 and 2015, while the
middle line shows what the growth rate would have been if the Hispanic population had grown at
the same rate as the rest of the US population. Figure 4 shows that the difference is about 12
percentage pointsoverall growth of 29 percent versus only 17 percent without the Latino effect.
In numerical terms, that translates into about 30 million additional Americans.
To put these figures in further perspective, the lowest of the three lines in Figure 4 portrays the
rate of population growth in the European Union over the same period 25-year periodjust
seven percent. Thus, while growth in the the US would have still outpaced the EU even without
the Latino effect, the difference would have been reduced by more than half.
FIGURE 4:
THE LATINO EFFECT ON US POPULATION GROWTH (1990-2015)
135
U.S. - Actual
130
125
EU
129
120
117
115
110
105
100
107
106
103
101
1995
2000
2005
2010
2015
Source: US Census Bureau 1990, 2000, 2010 Census; US Census Bureau Population Estimates Program;
EuroStat. Note : EU includes the population of the current 28 EU member countries from 1990 to 2015.
15.2
Texas
10.7
Florida
5.0
New York
3.7
Illinois
2.2
Arizona
2.1
New Jersey
1.8
Colorado
1.2
New Mexico
1.0
Georgia
1.0
Other States
12.9
0
6
8
10
12
Hispanic Population (MM)
14
16
The Hispanic population of California is currently approximately 15.2 million compared 14.9 million nonHispanic whites. See Annual Estimates of the Resident Population by Sex, Race and Hispanic Origin for the United
States, States, and Counties: April 1, 2010 to July 2015, 2015 Population Estimates, U.S. Census Bureau (available
at https://www.census.gov/popest/data/national/asrh/2015/index.html).
Figure 6 shows the states with the highest Hispanic population as a percentage of total
population. As shown, New Mexico had the highest population as a percentage of total
population in 2015 at 48 percent of the population, followed by approximately 39 percent for
both California and Texas.
FIGURE 6:
48
Texas
39
California
39
Arizona
31
Nevada
28
Florida
24
Colorado
21
New Jersey
20
New York
19
Illinois
17
U.S.
18
10
15
20
25
30
35
Percent of Population (%)
40
45
50
Figure 7 shows the 10 states with the fastest rates of Latino population growth between 2010 and
2015. None of the states experiencing the most rapid growth in Hispanic population are among
the top ten states in either total Latino population or percentage of population.
FIGURE 7:
STATES WITH MOST RAPID HISPANIC POPULATION GROWTH
(2010-2015)
North Dakota
99
South Dakota
41
Alaska
32
Montana
30
Vermont
25
West Virginia
25
New Hampshire
24
Maine
24
Hawaii
23
Maryland
22
0
20
40
60
80
Percent Change (%)
10
100
120
45
40
37
33
Median Age
35
30
28
25
20
15
10
5
0
Hispanic
Other Non-Hispanic
Total
White NonHispanic
11
The picture is even more stark when one looks at the ends of the age distribution. Latinos are
both more likely to be young and less likely to be elderly than the overall population. As shown
in Figure 9, nearly a third of Latinos are under 18 years old, while only five percent are over 68
years old.
FIGURE 9:
AGE DISTRIBUTION OF POPULATION BY RACIAL/ETHNIC GROUP (2015)
Hispanic
32
White Non-Hispanic
26
19
Other Non-Hispanic
20
20
26
Total
22
20
15
28
25
23
0
22
14
21
20
40
Younger than 18
Boomer (50-68)
20
24
60
80
11
100
Gen X (34-49)
Source: US Census Population Estimates Program. Note: Percentages do not sum to 100 because of rounding error.
12
Figure 10 focuses on the change in the under-18 US population between 2000 and 2015, and
paints a striking picture: During those years, the white under-18 population declined by about six
million people, while the the number of Latinos grew by almost precisely as many.
FIGURE 10:
CHANGE IN US POPULATION UNDER AGE 18 BY RACIAL/ETHNIC GROUP
(2000-2015)
Hispanic
5.8
White Non-Hispanic
-6.1
Other Non-Hispanic
1.6
-8
-4
0
4
Population Change (MM)
Source: US Census Bureau 2000 Census and US Census Population Estimates Program..
13
Figure 11 compares the age distribution of Latinos with the population overall. The top chart
shows the proportion of the population comprised of each age group for the Hispanic population
and the US overall. In the bottom chart, each bar shows the difference between the proportion of
the Latino population that falls into each age group versus the proportion of the population
overall. ispanics are much more likely to be young, and much less likely to be elderly, than the
overall population.
FIGURE 11:
AGE DISTRIBUTION OF HISPANICS VS. OVERALL US POPULATION
BY AGE GROUP (2015)
10
Hispanic
Overall
8
7
6
5
4
3
2
1
Difference
4
3
2
1
0
-1
-2
-3
14
The younger profile of the Latino population has direct and significant implications for economic
growth because economic research shows a clear link between the aging of a population and
productivity growth. For example, one recent study found that a 10 percent increase in the
fraction of the population age 60+ decreases growth in GDP per capita by 5.5 percent.9 Applying
those results to the difference between the Latino and overall US age distributions, it is logical to
calculate the effect of the relatively youthful Latino population on growth: If the age distribution
of Latinos were the same as for the population overall, the rate of GDP growth would decline by
5.2 percent, meaning that in 2025 US GDP would be lower by $601 per capita, or $193 billion.10
Nicole Maestas, Kathleen Mullen and David Powell, The Effect of Population Aging on Economic Growth,
the Labor Force and Productivity, RAND Labor & Population Working Paper (August 2016) at 1 (hereafter
Maestas et al. (2016)) (available at http://www.rand.org/pubs/working_papers/WR1063-1.html).
10
As of 2015, approximately 5.6 million Latinos (10 percent) were 60 years of age or older versus 51 million
Latinos younger than 60. By comparison, 23 percent of non-Latinos (approximately 61 million people) were 60+. If
the Latino population had the same age distribution as the non-Latino population, there would be 13 million Latinos
age 60+, raising the proportion of the overall U.S. population age 60+ from 21 to 23 percent, or by 9.5 percent.
Based on the results of the RAND paper, the effect would be to decrease the rate of growth of U.S. per capita GDP
by 5.2 percent. GDP per capita in 2015 was $56,066. (See Gross Domestic Product Per Capita, Bureau of
Economic Analysis (July 19, 2016) accessed through FRED (Federal Reserve Bank of St. Louis) (available at
https://fred.stlouisfed.org/series/A939RC0A052NBEA). The calculated decline in GDP assumes the increase in the
older population takes place over a 10-year period and than annual growth in GDP per capita would otherwise have
been 1.88 percent, which is the average annual growth of U.S. GDP per capita from 1960 to 2010. (Maestas et al.
(2016) at 30).
15
45
40
35
30
25
20
40
31
28
26
22
20
16
15
15
1990
2010
2015
2000
28
22 22 22
20 20
1980
19 20
23 24
14
14
10
10
13
15
5
0
9th-12th Grade
Highschool
Graduate
Two-Year
Degree/Some
College
Bachelor's Degree
or More
Source: Source: 1980, 1990 and 2000 Census (IPUMS); 2010 American Community Survey (IPUMS) and 2015
American Community Survey.
16
Hispanic college enrollment has also increased. As shown in Figure 13, the proportion of college
age Latinos (18- to 24-year-olds) enrolled in college increased from 16 percent in 1980 to 37
percent in 2015, approaching the US average of 41 percent overall.
As the Congressional Joint Economic Committee explained in 2013 report:
The share of Hispanic high school seniors who enrolled in college immediately
following graduation has jumped 20 percentage points in the past 12 years, from
49 percent in 2000 to 69 percent in 2012. Hispanic enrollment in college after
high school now outpaces that of white (67 percent) and black (63 percent) high
school graduates.11
According to a study by the National Center for Education Statistics, Enrollment of US
residents [in US degree-granting postsecondary institutions] is projected to increase 25 percent
for students who are Hispanic between 2013 and 2024.12
FIGURE 13:
COLLEGE ENROLLMENT AS A PERCENTAGE
OF RESIDENT POPULATION AGES 18-24 (1980-2015)
45.0
40.5
40.0
35.0
36.6
30.0 25.6
25.0
20.0
15.0
10.0
All
16.1
Hispanic
5.0
0.0
11
U.S. Congress Joint Economic Committee Democratic Staff, Americas Hispanic Population: An Economic
Snapshot (October 2013) at 2 (available at http://www.jec.senate.gov/public/_cache/files/7a08df2f-2485-422d806e-0c239bebab5a/hispanic-economic-snapshot---final.pdf).
12
Projections of Education Statistics to 2024, Forty-third Edition, National Center for Education Statistics
(September 2016) at 27 (available at http://nces.ed.gov/pubs2016/2016013.pdf).
17
While the increase in college enrollment is encouraging, it is also worth noting that a growing
proportion of Latinos are completing high school. As shown in Figure 14, the Hispanic high
school dropout rate has decreased by almost 75 percent, falling from 40 percent in 1980 to 10
percent in 2015.
FIGURE 14:
HIGH SCHOOL DROPOUT RATES
(1980-2015)
45
Percent of Population (%)
40
40.3
All
Hispanic
35
30
25
20
15
10
10.3
15.6
6.4
Source: US Census Bureau Current Population Survey. Figures are the proportion of the 18-24 year-old population without
a high school diploma.
18
The youthfulness of the Latino population also coincides with high and growing levels of
English language proficiency: Most Latinos speak English, and nearly all young Latinos speak
English proficiently. As shown in Figure 15, 99 percent of five- to 17-year-old Latinos speak
English, and 87 percent speak it well or exclusively. (For Millenials, ages 18 to 33, the figures
are 95 percent and 76 percent, respectively.)13 Overall, 94 percent of Latinos speak English and
69 percent of Latinos are proficient.
FIGURE 15:
HISPANIC ENGLISH SPEAKING PROFICIENCY BY AGE GROUP (2014)
100
90
1
12
80
19
36
70
(%)
60
22
37
35
48
42
40
35
30
37
10
0
7
25
50
50
20
12
Ages 5 to 17
28
Millenial
Adults (18-33)
32
27
20
20
16
Gen X
(34-49)
Boomer
(50-68)
Silent/Greatest
(69 and Older)
27
All Ages
13
Proficient is defined as Speak Only English at Home or Speak English Very Well. See Eileen Patten,
The Nations Latino Population is Defined by Its Youth, Pew Research Center (April 20, 2016) at 8 (available at
http://www.pewhispanic.org/2016/04/20/the-nations-latino-population-is-defined-by-its-youth/).
19
Hispanics also have a higher life expectancy rate when compared to other ethnic groups. Figure
16 shows that Hispanic life expectancy exceeds the population average by about three years. The
life expectancy of a Latino born in 2014 was 81.8 years, compared to 78.8 for other Americans.
FIGURE 16:
LIFE EXPECTANCY AT BIRTH, BY ETHNIC GROUP (2006-2014)
83
81.8
82
81
80.3
80
79
78.8
78.2
78
77
Hispanic
77.8
White Non-Hispanic
All
76
75
2006
2007
2008
2009
2010
2011
2012
2013
2014
Source: Health, United States, 2015, With Special Feature on Racial and Ethnic Health Disparities, US
Department of Health and Human Services, Centers for Disease Control and Prevention (May 2016) at Table
15 (available at http://www.cdc.gov/nchs/data/hus/hus15.pdf#015).
20
80
70
76
76
68
79
83
71
73
2010
2011
79
84
81
84
81
84
81
60
50
40
30
20
10
0
2009
Total
2012
2013
2014
2015
Hispanic
Source: Andrew Perrin and Maeve Duggan, Americans' Internet Access: 2000-2015, Pew Research (June 26,
2015) (available at http://www.pewinternet.org/2015/06/26/americans-internet-access-2000-2015/). Note:
Survey Internet users are defined as survey participants that responded Yes to the question Do you use the
internet or email, at least occasionally? or Do you access the internet on a cell phone, tablet or other
mobile handheld device, at least occasionally?
14
See e.g., Nina Czernich, Oliver Falck, Tobias Kretschmer, and Ludger Woessmann, Broadband
Infrustructure and Economic Growth, The Economic Journal 121 (May 2011) 505-532 (finding that the
introduction of broadband in OECD countries led to a 2.7-3.9 percent increase in GDP per capita). For a larger
discussion of the benefits of broadband see The Digital Divide and Economic Benefits of Broadband Access,
Council of Economic Advisers Issue Brief (March 2016) at 5-6 (available at
https://www.whitehouse.gov/sites/default/files/page/files/20160308_broadband_cea_issue_brief.pdf).
15
Another Pew Research study notes that overall home broadband adoption has plateaued. See John Horrigan
and Maeve Dugga, Home Broadband 2015, Pew Research Center (December 21, 2015) (available at
http://www.pewinternet.org/2015/12/21/home-broadband-2015/).
21
While Latino Internet penetration remains slightly below the overall population, use of cell
phones and smartphones is actually higher. Figure 18 shows the cellphone and smartphone
ownership as a percentage of the adult population in 2014. As the figure shows, 92 percent of
Hispanics owned a cellphone, compared to 90 percent for the total population and for white nonHispanics, and 71 percent of Hispanics owned smartphones, compared to 64 percent for the total
population and 61 percent for white non-Hispanics.
FIGURE 18:
CELLPHONE AND SMARTPHONE OWNERSHIP AS PERCENTAGE OF THE ADULT POPULATION
(2014)
100
90
92
90
Hispanic
90
All
White Non-Hispanic
80
71
70
64
60
61
50
40
30
20
10
0
Cellphone
Smartphone
Sources: Cell Phone and Smartphone Ownership Demographics, Pew Research Center (available at
http://www.pewinternet.org/data-trend/mobile/cell-phone-and-smartphone-ownership-demographics/); U.S
Smartphone Use in 2015, Pew Research Center (April 1, 2015) (available at
http://www.pewinternet.org/2015/04/01/us-smartphone-use-in-2015/). .
22
Hispanics use the Internet for a wide variety of purposes, notably to research goods before
making a purchase. As shown in Figure 19, the percentage of Hispanic buyers that utilize
interactives tools and websites while planning shopping is higher than the US average for all but
one interactive tool. The use of interactive tools to plan shopping is even higher among older
Hispanic Millenials, as well.
FIGURE 19:
PERCENTAGE OF HISPANIC BUYERS THAT USE INTERACTIVE TOOLS/SITES FOR PLANNING
SHOPPING (2015)
35
30
(%)
25
30
27
U.S Shoppers
30
25
24
22
19
20
15
Hispanic Shoppers
26
24
17
25
22
21
19
16
15
12
10
10
18
17
16
14
10
14
11
5
0
Websites Social
Text Messages iPhones/Smart
Mobile
Product, Store Networking
Phone
Application
or
Grocery/Meal
Recipe/Meal
Planning App
Planning
list/Notes
Function on
Smart
Phone/Tablet
Mobile
Websites
Group Buying
Sites
Source: The Why Behind the Buy: US Hispanic Shopper Study, 4th Edition, Acosta (2015) at 4 (available at
http://www.acosta.com/WorkArea/linkit.aspx?LinkIdentifier=id&ItemID=10737420343&libID=10737420344). Note: Chart
shows survey responders response to the question What online or interactive tools/sites do you use,at least once a week, for
planning your grocery shopping trip and/or which specific products you eventually decide to buy?
23
Latinos are also avid consumers of online content, especially mobile. As shown in Figure 20,
Latinos are more than 10 percentage points more likely than Americans overall to use
smartphones apps and to use their smartphones to visit web pages or watch video online.
FIGURE 20:
PERCENTAGE OF POPULATION USING SMARTPHONES TO CONSUME CONTENT
(Q2 2015 Q2 2016)
100
90
80
94
86
Hispanic
All
83
73
74
70
70
60
64
55
50
40
30
20
10
0
Q2 2015
Q2 2016
App/Web on Smartphone
Q2 2015
Q2 2016
Video on a Smartphone
24
Hispanics are also highly engaged in social networks. As shown, in Figure 21, eMarketer
estimates that Hispanics accounted for 18.4 percent of social network users in 2016, rising to
20.3 percent in 2019.
FIGURE 21:
HISPANICS AS A PERCENTAGE OF SOCIAL NETWORK USERS (2013-2019)
100
90
80
70
16.4
17.0
17.8
18.4
19.3
20.1
20.3
20.2
20.5
20.6
20.8
20.9
20.9
20.9
63.4
62.5
61.6
60.8
59.8
59.0
58.8
2013
2014
2015
2016
2017
2018
2019
60
50
40
30
20
10
0
White Non-Hispanic
Other Non-Hispanic
Hispanic
Source: "Hispanics Make Social a Crucial Part of Digital Lives," eMarketer (May 28, 2015) (available at
http://www.emarketer.com/Article/Hispanics-Make-Social-Crucial-Part-of-Digital-Lives/1012534).
Note:
Social
network users include Internet users who use social networks via any device at least once per month.
25
67
66
65.9
65
64
62.7
63
62.2
62
61.6
61
60
59
Hispanic
All
White NonHispanic
Other NonHispanic
16
Bruce Fallick and Jonathan Pingle, The Effect of Population Aging on Aggregate Labor Supply in the
United States, Labor Supply in the New Century (2008) 31-63 at 31 (Output growth is determined by growth in
labor productivity and growth in labor input.).
26
Figure 23 shows the Hispanic labor force over the period of 2011 to 2015. The Hispanic labor
force increased from approximately 22.9 million to 26.1 million, and currently makes up
approximately 16.8 percent of the total labor force. A recent report by IHS Economics (IHS)
analyzes the importance of Hispanics to the US labor force and employment.17 The report notes:
The Hispanic population will play an increasingly significant role in US
employment growth because the Hispanic population is a younger and faster
growing segment of the population, while trends in the non-Hispanic population
are heavily influenced by the aging Baby Boomer generation that is moving into
retirement.18
IHS forecasts growth in the Hispanic labor force from 2019 to 2034, which is represented in
Figure 23. The Hispanic labor force is forecasted to increase to 41.4 million in 2034 and make up
almost a quarter of the total US labor force. The forecast from the IHS report predicts that
Hispanics will account for more than 65 percent of the growth in the US labor force from 2015 to
2034.
FIGURE 23:
LABOR FORCE BY RACIAL/ETHNIC GROUP
(2011-2015 ACTUAL, 2019-2034 FORECAST)
200
180
155.4
157.1
155.9
160
153.6
155.0
140
22.9
24.4
24.8
25.4
26.1
120
27.4
28.7
29.3
29.9
30.6
171.4
175.1
180.4
30.0
34.0
37.8
41.4
135.9
137.4
137.4
139.0
2019
2024
2029
2034
165.9
100
80
60
40
103.3
101.9
101.3
100.7
100.4
2011
2012
2013
2014
2015
20
0
White Non-Hispanic
Other Non-Hispanic
Non-Hispanic
Hispanic
Source: Bureau of Labor Statistcs; James Gillula, Hispanic Immigration and US Economic Growth, IHS
Economics (February 2015) (available at https://www.ihs.com/pdf/Hispanic-Immigration-and-EconomicGrowth_219008110915583632.pdf).
17
James Gillula, Hispanic Immigration and US Economic Growth, IHS Economics (February 2015) (hereafter
IHS Economics (2015)) (available at https://www.ihs.com/pdf/Hispanic-Immigration-and-Economic).
18
IHS Economics (2015) at 11.
27
Hispanics also compare favorably to other racial/ethnic groups in terms of the employment
rate.19 As shown in Figure 24, in 2015 the Hispanic employment rate was the highest of any
major racial/ethnic groups at 61.6 percent, compared to 59.6 percent for whites, 56.8 percent for
others, and 59.3 overall.
FIGURE 24:
EMPLOYMENT RATE BY RACIAL/ETHNIC GROUP (2015)
62
61.6
61
60
59.6
59.3
59
58
56.8
57
56
55
54
Hispanic
White NonHispanic
All
Other NonHispanic
Source: Bureau of Labor Statistics. Note: Rate shown is the average for the entire year.
The differences in the rate of employment between Hispanics and other ethnic groups is even
more pronounced when looking at the male population. More than three quarters (76.2 percent)
of Latino men are employed, compared with approximately 64 percent for other ethnic groups.20
19
The employment rate is the number of employed as a percentage of the civilian noninstitutionalized
population.
20
Labor Force Characteristics by Race and Ethnicity, 2015, Bureau of Labor Statistics (September 2016),
Table 3 (available at http://www.bls.gov/opub/reports/race-and-ethnicity/2015/home.htm).
28
Hispanics have also seen a significant rise in employment levels. Figure 25 shows the number of
employed Hispanics increased from 20.3 million in 2011 to 24.4 million in 2015, and Hispanics
currently make up approximately 16.4 percent of employment. IHS forecasts Hispanic
employment to increase to 39.2 million by 2034, when Latinos will account for nearly 25 percent
of working Americans.
FIGURE 25:
ANNUAL AVERAGE EMPLOYMENT BY RACIAL/ETHNIC GROUP
(2011-2015 ACTUAL, 2019-2034 FORECAST)
180
160
Employment (MM)
140
120
100
148.8
139.9
142.5
143.9
146.3
20.3
21.9
22.5
23.5
24.4
23.8
25.4
26.2
27.1
28.2
162.7
166.3
171.4
28.1
32.1
35.6
39.2
129.0
130.7
130.7
132.2
2019
2024
2029
2034
157.1
80
60
40
95.8
95.2
95.2
95.7
96.2
2011
2012
2013
2014
2015
20
0
White Non-Hispanic
Other Non-Hispanic
Non-Hispanic
Hispanic
Source: Bureau of Labor Statistcs; James Gillula, Hispanic Immigration and US Economic Growth, IHS
Economics (February 2015) (available at https://www.ihs.com/pdf/Hispanic-Immigration-and-EconomicGrowth_219008110915583632.pdf).
29
100
90
Management, Professional
and Related
22
80
70
60
30
20
10
0
Service
25
50
40
39
42
17
16
21
23
23
16
11
12
Hispanics
Non-Hispanics
All
16
30
Natural Resources,
Construction and
Maintenance
Production, Transportation
and Material Moving
28.5
Agriculture
23.9
22.6
Other Services
18.9
17.6
Mining
16.9
16.8
16.3
Manufacturing
16.2
Financial Activities
11.8
Public Administration
11.7
11.6
Information
Over Represented
Under Represented
11.2
0
10
31
15
(%)
20
25
30
21
For a more extensive review of the economic literature on business dynamism, see Jeff Eisenach, The LongRun Effects of Employment Regulation on Californias Economy, U.S. Chamber of Commerce (July 12, 2016)
(available at https://www.uschamber.com/report/the-long-run-effects-employment-regulation-california-s-economy).
22
John Haltiwanger, Job Creation and Firm Dynamics in the United States, Innovation Policy and Economy
12 (April 2012) 17-38 at 20.
32
As noted above, productivity is one of the two major drivers of economic growth. It is
significiant, therefore, that Latinos contribute disproportionately to new business formation and
entrepreneurship. For example, data from the US Census Bureaus Survey of Business owners
show that the number of Hispanic-owned firms doubled over the period of 2002 and 2012 from
1.6 million to 3.3 million. As shown in Figure 28, Hispanic-owned businesses accounted for 12
percent of all US firms in 2012, up from 6.8 percent a decade earlier.
FIGURE 28:
HISPANIC-OWNED BUSINESSES AS A PERCENTAGE OF ALL BUSINESSES
(2002-2012)
100
98
96
6.8
8.3
94
12.0
92
Hispanic
90
88
Non-Hispanic
93.2
86
91.7
88.0
84
82
2002
2007
2012
Source: US Census Bureau Survey of Business Owners. Note: The category Non-Hispanics includes all firms
not categorized as Hispanics including firms categorized as equally owned by Hispanics and non-Hispanics,
publicly owned firms and firms that cannot be categorized by race or ethnicity.
33
Looking at data from 2007 and 2012 provides a snapshot of the economy before and after the
Great Recession of 2008-2009. As shown in Figure 29, the number of Hispanic-owned firms
increased by 46.3 percent over this period, compared to a decline of 2.1 percent by nonHispanic-owned firms. Hispanic-owned business sales receipts increased by 35.1 percent
compared to 11.4 percent for non-Hispanic-owned businesses. During this period, the number of
paid employees of Hispanic-owned businesses increased by 22.1 percent, while employment by
non-Hispanic-owned businesses actually fell by 2.2 percent.
FIGURE 29:
PERCENTAGE CHANGE IN FIRMS, SALES RECEIPTS AND EMPLOYMENT BY ETHNICITY OF
OWNER
(2007-2012)
50
46.3
Hispanics
40
Non-Hispanic
35.1
All
30
22.1
20
11.4 11.7
10
2.0
0
-2.2 -1.8
-2.1
-10
Firms
Sales Receipts
Employment
Source: US Census Bureau Survey of Business Owners. Note: [1] Firms and Sales Receipts include counts for
firms with and without paid employees. [2] Employment is limited to paid employees.
34
Other data sources further validate the disproportionate role of Latinos as entrepreneurs. For
example, the Kauffman Institute defines the entrepreneurship rate as the percentage of the
adult, non-business-owner population that starts a business each month.23 Figure 30 shows the
entrepreneurship rate from 1996 to 2015 by major ethnic group. Hispanics have had the highest
entrepreneurship rate of any ethnic group each year since 2002.
FIGURE 30:
RATE OF NEW ENTREPRENEURS BY RACIAL/ETHNIC GROUP (1996-2015)
0.6
0.5
Rate (%)
0.4
0.3
0.2
0.1
0
Hispanic
White
Total
Black
Asian
Source: Fairlie et al. (2016). [1] Estimates calculated by authors using the Current Population Survey. [2] The
entrepreneurship index is the percent of individuals (ages 20 to 64) who do not own a business in the first survey month
that start a business in the following month with 15 or more hours worked. [3] Race and Spanish codes changed in
2003. Estimates for 2003 only include individuals reporting one race. [4] All observations with allocated labor force
status, class of worker, and hours worked variables are excluded.
23
Robert W. Fairlie, Arnobio Morelix, E.J. Reedy, and Joshua Russell, The Kauffman Index 2016: Startup
Activity, Kaufman Foundation (2016) at 32 (hereafter Fairlie et al. (2016)) (available at
http://www.kauffman.org/~/media/kauffman_org/microsites/kauffman_index/startup_activity_2016/kauffman_index
_startup_activity_national_trends_2016.pdf)
35
As shown in Figure 31, by 2015 Latinos accounted for more than one out of five new
entrepreneurs, increasing from 10 percent in 1996.
FIGURE 31:
CHANGES IN COMPOSITION OF NEW ENTREPRENEURS BY RACIAL/ETHNIC GROUP
(1996, 2015)
2015
1996
13%
19%
10%
White
White
Latino
Latino
Other
Other
21%
61%
77%
Source: Fairlie et al. (2016).
36
60,000
50,000
40,000
30,000
20,000
10,000
All
Hispanics
White - Not Hispanic
As the figure also suggests, however, Latino incomes are growing more rapidly than the rest of
the population. Figure 33 reports the most recent data from the US Census Bureau, which shows
that Latino median income rose 6.1 percent from 2014 to 2015, compared to a 5.2 percent
increase for the population overall and a 4.4 percent increase for whites.24
24
Bernadette Proctor, Jessica Semega, and Melissa Kollar, Income and Poverty in the United States: 2015, U.S.
Census Bureau (September 2016) at 7 (available at https://www.census.gov/library/publications/2016/demo/p60256.html).
37
FIGURE 33:
YEAR-OVER-YEAR CHANGE IN REAL MEDIAN HOUSEHOLD INCOME BY ETHNIC GROUP
(2014-2015)
7
6
6.1
5.2
4.4
4
3
2
1
0
Hispanics
All
White Non-Hispanic
Data on aggregate income from the American Community Survey (ACS) show that the rapid
increase increase in Hispanic incomes is has been occurring for some time: between 2005 to
2015, Hispanicswho represent just 18 percent of the populationaccounted for 29 percent of
of the growth in real aggregate income.25 US Bureau of Labor Statistics data show that median
weekly earnings of full-time wage and salary workers rose almost 11 percent for Hispanics
between the first quarter of 2000 and the first quarter of 2016, more than triple the increase for
the population overall.26
25
38
ACS income data also show an increase in the affluence of Hispanic households during the past
decade. Figure 34 shows the change in the number of households with an income of $200,000 or
more from 2005 to 2015. Hispanics had the highest percentage increase, with the number of
households increasing by 187 percent compared to 104 percent for the US as a whole and 89
percent for white non-Hispanics.27
FIGURE 34:
GROWTH IN HOUSEHOLDS WITH INCOME OF $200,000 OR MORE
(2005-2015)
200
187
180
160
140
120
104
100
89
80
60
40
20
0
Hispanic
All
White Non-Hispanic
Source: 2005 and 2015 American Community Survey. Note: Data are in nominal dollars.
27
39
Data on the distribution of households by income bracket also show increasing Latino affluence.
In Figure 35, the top chart shows the percentage of total Hispanic households by income bracket
for the years 2005 and 2015. The chart below shows the difference between the 2005 and the
2015 percentages by income bracket in percentage points. The percentage of Latino households
within all income brackets under $50,000 has declined since 2005 and the percentage has
increased for all income brackets of $50,000 or more.
FIGURE 35:
CHANGE IN LATINO HOUSEHOLD COMPOSITION BY INCOME BRACKET
(2005-2015)
Source: 2005 and 2015 American Community Survey. Note: Data are in nominal dollars.
40
At the other end of the income ladder, and as shown in Figure 36, Hispanics continue to have
higher poverty rates than the population overall21.4 percent in 2015 compared with a national
average of 13.5 percent. But here too the trends are positive: The Latino poverty rate declined
2.2 percentage points from 2014 to 2015, from 23.6 percent in 2014 to 21.4 percent in 2015, and
is now below its pre-recession level of 21.5 percent. The overall US rate, by contrast, has not
recovered from the recession.
FIGURE 36:
POVERTY RATE BY RACIAL/ETHNIC GROUP
(2007, 2014-2015)
25
23.6
21.5
2007
21.4
2014
20
2015
14.8
15
12.5
13.5
10.1
10
8.2
9.1
5
0
Hispanic
All
41
White Non-Hispanic
B. Hispanics as Consumers
As the Hispanic population and incomes have grown, so has Hispanic buying power. A report by
the Selig Center for Economic Growth analyzes historical trends in buying power for racial and
ethnic groups.28 Figure 37 compares Hispanic buying power with non-Hispanic buying power,
including a forecast for 2020. Between 1990 and 2015, Hispanic buying power increased more
than seven-fold, from $213 billion to $1.32 trillion, and is projected to grow to $1.72 trillion by
2020. The Latino share of total US buying power increased from five percent to 10 percent over
the same period.
FIGURE 37:
BUYING POWER BY ETHNICITY (1990-2020)
18,000
16,000
Dollars (BN)
14,000
16,189
Hispanic
Non-Hispanic
13,455
11,227
12,000
7,399
495
8,000
4,000
4,297
213
2,000
4,084
1,322
1,010
10,000
6,000
1,721
1990
14,468
10,217
12,133
6,905
2000
2010
2015
2020
Source: Jeffrey Humphreys, The Multicultural Economy 2015, Selig Center for Economic Growth (2015) at 10. Note:
Buying power for 2020 is projected.
28
42
To put Hispanic buying power into context, Figure 38 compares the buying power of American
Latinos against the Gross Domestic Products of the 15 largest economies in the world. If US
Latino consumers were a country, they would represent the worlds fourteenth largest
economyahead of both Spain and Mexico, and approximately equal to the GDP of the Russian
Federation.
FIGURE 38:
LATINO BUYING POWER COMPARED VS. 15 LARGEST WORLD ECONOMIES
(BY GDP; 2015)
20
18
17.95
USD (Trillions)
16
14
12
10.87
10
8
6
4
2
4.12
3.36
2.85
2.42
2.07
1.81
1.77
1.55
1.38
1.34
1.33
1.32
1.20
1.14
Source: Jeffrey Humphreys, The Multicultural Economy 2015, Selig Center for Economic Growth (2015); World Bank.
43
Data from the Bureau of Labor Statistics show that Hispanics make up a growing proportion of
total US consumer spending, and Hispanic spending is increasing at a faster rate than other
ethnic groups and the US as a whole. Figure 39 shows total US consumer expenditures over the
period of 2010 to 2015. Hispanic spending increased from approximately $606 billion to $798
billion over the period, or by approximately 32 percent, compared to 23 percent for the US as a
whole.
FIGURE 39:
AGGREGATE EXPENDITURES BY RACIAL/ETHNIC GROUP (2010-2015)
8,000
Expenditures ($BN)
7,000
6,000
5,000
6,398
659
595
6,421
6,791
740
7,187
798
606
518
6,074
632
541
4,700
4,901
5,144
5,169
5,439
5,735
2010
2011
2012
2013
2014
2015
5,824
687
565
611
654
4,000
3,000
2,000
1,000
0
White Non-Hispanic
Other Non-Hispanic
44
Hispanic
Overally, Hispanic spending patterns closely mirror those of other ethnic groups. As shown in
Figure 40, Hispanic spending on health care (62 percent), transportation (56 percent), and
personal insurance and pensions (36 percent) grew more rapidly over the past five years than for
the overall population.
FIGURE 40:
GROWTH IN AGGREGATE EXPENDITURES BY RACIAL/ETHNIC GROUP (2010-2015)
70
Hispanic
62
60
All
56
White Non-Hispanic
50
50
46
46
44
40
37
36
32
30
Other Non-Hispanic
31
23 22
26
26
25
23
28
24
23
18
20
10
16
22
20 20
22 22
23
17
7
45
15 15
11
These differences aside, Hispanic shopping habits overall are very similar to those of other
Americans. As shown in Figure 41, Latino consumers spend a slightly higher percentage of their
total expenditures on housing, transportation, food, and apparel than non-Hispanics, and slightly
less on personal insurance/pensions, healthcare, and entertainment.
FIGURE 41:
PERCENTAGE OF TOTAL EXPENDITURES BY CATEGORY
(2015)
Housing
U.S.
Hispanic
Transportation
10
Food
33
Personal
Insurance-Pensions
Healthcare
Entertainment
11
13
17
Apparel
46
Transportation
Food
35
10
Personal
Insurance-Pensions
Healthcare
Entertainment
14
Other
Housing
Apparel
19
Other
47
Figure 42 shows the distribution of Latino personal income across these 25 MSAs as of 2015.
Latinos in Los Angeles earned over $100 billion in personal income in 2015, with New York
($99 billion), Miami ($58 billion), Houston ($44 billion), and Chicago ($37 billion) rounding out
the top five. Latino incomes exceeded $10 billion in 21 MSAs.
FIGURE 42:
HISPANIC AGGREGATE PERSONAL INCOME (2015)
Los Angeles, CA
New York, NY
Miami, FL
Houston, TX
Chicago, IL
Riverside, CA
Dallas, TX
San Antonio, TX
San Francisco, CA
Washington, DC
Phoenix, AZ
San Diego, CA
Orlando, FL
Austin, TX
Denver, CO
San Jose, CA
El Paso, TX
McAllen, TX
Las Vegas, NV
Boston, MA
Tampa, FL
Atlanta, GA
Philadelphia, PA
Sacramento, CA
Albuquerque, NM
12.4
12.3
12.1
11.6
11.2
10.7
10.6
10.1
10.0
9.8
9.3
9.0
8.2
0
24.4
23.7
22.8
21.8
19.7
37.1
35.5
32.8
44.0
57.8
50
Aggregate Personal Income ($BN)
48
103.5
99.2
100
As shown in Figures 43 and 44, Latinos account for a disproproportionate share of both
population growth and income growth in nearly every MSA.
Figure 43 compares Latino population growth over the last decade in each city to the growth of
the overall population. The Latino population in these cities grew by 28 percent between 2005
and 2015, which is a somewhat slower pace than the US overall. Figure 43 also shows a growth
rate that is 14 percentage points faster than the 14 percent overall population growth rate for
these 25 MSAs. The Latino population grew fastest in Orlando, Philadelphia, and Washington;
and slowest in Los Angeles, El Paso, and Chicago. The largest differences in population growth
between Hispanics and the overall population occurred in Philadelphia, Boston, and Orlando; the
smallest differences were in Los Angeles, McEllen, and El Paso.
FIGURE 43:
COMPARISON OF HISPANIC AND TOTAL POPULATION GROWTH RATES
(2005-2015)
Orlando, FL
Philadelphia, PA
Washington, DC
Tampa, FL
Boston, MA
Austin, TX
Las Vegas, NV
Atlanta, GA
Houston, TX
Sacremento, CA
Dallas, TX
Riverside, CA
United States
San Antonio, TX
Miami, FL
San Diego, CA
Albuquerque, NM
Top 25 MSA
San Francisco, CA
McAllen, TX
Denver, CO
New York, NY
Phoenix, AZ
San Jose, CA
Chicago, IL
El Paso, TX
Los Angeles, CA
Hispanic
All
10
20
30
40
50
Population Growth (%)
60
70
80
Figure 44 shows data comparable to Figure 43, but for growth in income rather than population.
Latino incomes in the top 25 MSAs grew by 57 percent between 2005 and 2015, which is much
49
faster than the 33 percent rate of overall income growth for these citiesand more than double
the rate (28 percent) of population growth. The aggregate personal income of Latino households
grew by approximately 102 percent in Houston and Orlando, 99 percent in percent in Boston,
and 97 percent in Philadelphia.
FIGURE 44:
COMPARISON OF HISPANIC AND OVERALL GROWTH IN AGGREGATE PERSONAL INCOME
(2005-2015)
Orlando, FL
Houston, TX
Boston, MA
Philadelphia, PA
Washington, DC
McAllen, TX
Austin, TX
Tampa, FL
El Paso, TX
San Antonio, TX
Dallas, TX
Las Vegas, NV
United States
San Francisco, CA
Denver, CO
Atlanta, GA
Top 25 MSAs
San Diego, CA
New York, NY
Phoenix, AZ
Miami, FL
Riverside, CA
Sacremento, CA
Chicago, IL
Albuquerque, NM
San Jose, CA
Los Angeles, CA
Hispanic
All
20
40
60
80
100
Growth in Aggregate Personal Income (%)
120
Overall, Latinos annual incomes in these 25 communities increased by over $238 billion
between 2005 and 2015including by $34 billion in the New York MSA alone.
50
This rapid growth in overall Latino income is the result of a combination of population growth
(detailed above) and growth in per capita and household income. Figure 45 shows the growth in
per capita and median household income for the top 25 MSAs between 2005 and 2015. Average
per capita income for these 25 cities rose by 20.1 percent, from $15,340 to $18,427, while the
median household income rose by 23.1 to $47,256.
FIGURE 45:
COMPARISON OF GROWTH IN AVERAGE MEDIAN HOUSEHOLD INCOME AND INCOME PER
CAPITA BETWEEN HISPANICS AND THE OVERALL POPULATION IN THE TOP 25 MSAS
(2005-2015)
25
Hispanic
23.1
All
Growth (%)
20
20.1
22.6
19.4
15
10
51
While both figures remain below the averages for the population overall, the income gap is
closing rapidly. Figure 46 shows Latino median household income as a percentage of total
median household income for each of the top 25 MSAs. Latino median household income
remains below those for the overall population in all op 25 MSAsbut in 15 of these MSAs, the
median Hispanic household now earns 75 percent or more of the median for the overall
population, an increase from 14 MSAs in 2005.
FIGURE 46:
HISPANIC MEDIAN HOUSEHOLD INCOME AS A PERCENTAGE OF OVERALL MEDIAN
HOUSEHOLD INCOME
(2015)
McAllen, TX
El Paso, TX
Riverside, CA
Las Vegas, NV
Miami, FL
Tampa, FL
San Antonio, TX
Albuquerque, NM
United States
Sacremento, CA
Orlando, FL
Chicago, IL
Los Angeles, CA
Houston, TX
San Diego, CA
Phoenix, AZ
Top 25 MSAs
Washington, DC
Dallas, TX
Austin, TX
Atlanta, GA
Denver, CO
San Francisco, CA
New York, NY
San Jose, CA
Philadelphia, PA
Boston, MA
54.2
0
93.4
93.1
89.2
86.8
86.4
85.5
83.3
83.0
80.3
80.0
79.3
78.7
78.1
76.3
75.7
75.3
75.2
74.5
74.5
71.7
71.5
70.8
69.9
65.1
63.7
63.2
20
40
60
80
Hispanic Median HH Income as % Total (%)
52
100
Figures 47 and Table 1 highlight the growing affluence of the Latino population. As shown in
Figure 47, the number of Latino households with incomes over $100,000 grew by 123 percent in
the top 25 MSAs (compared to 55 percent for the overall population), while the number of
households with incomes over $200,000 nearly tripled, growing by 187 percent (compared with
104 percent for the overall population).
FIGURE 47:
GROWTH IN HISPANIC HOUSEHOLDS WITH INCOMES OF +$100,000 AND +$200,000
(2005-2015)
McAllen, TX
Boston, MA
Houston, TX
Chicago, IL
Orlando, FL
Washington, DC
Austin, TX
Las Vegas, NV
Tampa, FL
San Diego, CA
Atlanta, GA
New York, NY
Phoenix, AZ
United States
Dallas, TX
Top 25 MSAs
Sacremento, CA
Riverside, CA
San Antonio, TX
Los Angeles, CA
San Francisco, CA
San Jose, CA
Philadelphia, PA
Miami, FL
Denver, CO
El Paso, TX
Albuquerque, NM
100
200
300
400
500
Household Growth (%)
53
600
700
Table 1 shows the number of Latino households falling into each category as of 2015. There are
more than 50,000 Latino households with an income of $100,000 or more in 11 of the top 25
MSAs: New York, Los Angeles, Miami, Houston, Chicago, Riverside, Washington DC, Dallas,
San Francisco, San Antonio, and San Diego. Nine of the top 25 MSAs have more than 10,000
households with an income of $200,000 or more: New York, Los Angeles, Miami, Houston,
Washington DC, Chicago, San Francisco, Riverside, and Dallas.
TABLE 1:
HISPANIC HOUSEHOLDS WITH + $100,000 AND +$200,000 ANNUAL INCOME (2015)
MSA
New York, NY
Los Angeles, CA
Miami, FL
Houston, TX
Chicago, IL
Riverside, CA
Washington, DC
Dallas, TX
San Francisco, CA
San Antonio, TX
San Diego, CA
Phoenix, AZ
San Jose, CA
Denver, CO
Austin, TX
Boston, MA
McAllen, TX
Sacremento, CA
El Paso, TX
Philadelphia, PA
Atlanta, GA
Orlando, FL
Tampa, FL
Albuquerque, NM
Las Vegas, NV
Top 25 MSAs
United States
Households
$100,000 or More $200,000 or More
275,584
52,105
270,483
39,902
138,037
30,492
109,708
18,512
95,159
14,212
89,678
10,120
75,697
16,511
72,662
10,011
71,970
14,106
55,798
6,230
51,873
8,607
46,999
7,078
39,127
7,809
30,905
2,987
28,525
4,632
26,940
5,031
25,045
4,161
23,833
4,351
23,134
1,654
22,831
3,480
22,627
3,220
22,041
4,563
19,728
3,525
18,894
2,570
18,414
1,892
1,675,692
277,761
2,354,051
369,815
54
VI. Conclusion
The data presented in this study demonstrate that the Latino community in the US is a source of
both demographic and economic dynamism. Latinos are making America younger, more
entrepreneurial, more likely to be employed, and increasingly affluent. They are contributing
disproportionately to productivity and economic growth. Given the demographic profile of
Hispanic Americans, it seems extremely likely these trends will continue in the years to come.
55
Copyright 2016
National Economic
Research Associates, Inc.